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Biden Poised to Halt U.S. Steel Sale to Nippon Amidst Union Concerns

1 min read
Source: Benzinga
Biden Poised to Halt U.S. Steel Sale to Nippon Amidst Union Concerns
Photo: Benzinga
TL;DR Summary

President Joe Biden is reportedly set to block the sale of United States Steel Corp. to Nippon Steel, citing national security concerns. The Committee on Foreign Investment in the United States (CFIUS) is expected to refer the case to Biden by late December. Both companies are considering legal action if the merger is blocked. The decision has faced opposition from Biden, President-elect Donald Trump, and the United Steelworkers union. US Steel shares fell nearly 10% following the news.

Topics:business#biden#business#cfius#national-security#nippon-steel#us-steel
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  1. Biden Set To Block US Steel Sale To Nippon Steel: Report  Benzinga
  2. Biden plans to block Nippon Steel and US Steel merger, Bloomberg sources say  WTAE Pittsburgh
  3. President Biden expected to block sale of Pittsburgh's U.S. Steel  CBS News
  4. U.S. Steel deal: Nippon promises blast furnaces to an unflinching union head  Pittsburgh Post-Gazette
  5. Impasse deepens over U.S. Steel takeover as government review nears end  The Washington Post

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